Weerawansa calls for strategic projects to attract FDIs, smart approval systems

Tuesday, 14 December 2021 00:00 - - {{hitsCtrl.values.hits}}

Industries Minister Wimal Weerawansa said recently that Sri Lanka needs strategic projects to boost Foreign Direct Investments (FDIs) and an efficient mechanism to facilitate those with minimum red-tape to make the destination attractive for investors.

“We are in a foreign exchange crisis due to the adverse impacts of pandemic-related loss in tourism, foreign workers’ remittances and FDIs. To overcome this situation, we need to boost our foreign currency earnings in all these spheres and new sectors,” Weerawansa said at the opening ceremony of Sri Lanka’s first Smart One-Stop-Shop (OSS) at the Hambantota International Port Group (HIPG) recently.

The Smart OSS established by the Industries Ministry at the HIPG premises is aimed to facilitate investors with an efficient mechanism to attract more FDIs. The facilitation centre also acts as an intermediary and coordinates the resolution of such issues.

“We have decided to set up a Smart OSS to facilitate export-oriented factories in of the industrial zones in the Port of Hambantota in the future,” he said, adding that although Cabinet approved it in January they could not execute it due COVID-pandemic lockdowns and health restrictions.

Weerawansa claimed that the inefficient State-sector mechanism was a major drawback in attracting some of the key FDIs to Sri Lanka suggesting that the Government needed to simplify the approval process of these investments.

The Minister also appreciated HIPG Chief Executive Officer Johnson Liu, who agreed to provide this office space free-of-charge when the Ministry proposed it. “Not only foreign investors, but also the local investors will benefit from this new Smart OSS,” he added.

An agreement was also signed between the Industrial Development Board (IDB) and HIPG to maintain this facility.

Industries Ministry Secretary Gen. (Retd.) Daya Ratnayake, Additional Secretary Industrial Development Chaminda Pathiraja, IDB Chairman Upasena Dissanayake and other officials participated at the event.